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Wall Street Stumbles as Trump’s Tariff Threats Rattle Global Markets

U.S. stock markets kicked off the week in the red as renewed trade tensions sparked by former President Donald Trump sent shockwaves through Wall Street. The Dow Jones Industrial Average tumbled over 400 points, while the S&P 500 and Nasdaq Composite dropped 0.8% and 0.9% respectively. The sell-off followed Trump’s announcement of sweeping new tariffs set to take effect on August 1. In a series of public letters posted to social media, Trump warned that countries including Japan, South Korea, South Africa, and Malaysia would face levies ranging from 25% to 40% unless trade agreements are finalized by a self-imposed July 9 deadline. Adding to the market jitters, Trump declared that any nation aligning with the “Anti-American policies of BRICS” would be hit with an additional 10% tariff, escalating tensions with key trading partners like China and India. The tech sector bore the brunt of the downturn, with Tesla shares plunging nearly 7% amid political controversy surrounding CEO Elo...
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Canada’s Capital-Gains Tax Hike Faces Crucial Vote

 

In a pivotal moment for Canadian finance, Prime Minister Justin Trudeau’s government is set to call a vote on a contentious tax change. The proposed hike in the capital-gains tax inclusion rate has sparked debate across the nation, with significant implications for both individuals and businesses.

  • Tax Change Proposal: The government plans to increase the capital-gains tax on gains over C$250,000, affecting a small percentage of Canadians.
  • Potential Impact: Business groups have criticized the move, fearing it could deter investment and exacerbate productivity issues.
  • Political Strategy: The Liberals have separated this tax change from the budget bill, possibly aiming to challenge the Conservatives politically.
  • Revenue Expectations: The tax hike is estimated to generate almost C$20 billion over five years, funding new programs in housing and national defense.

The vote, scheduled for Monday, will be a defining moment for Trudeau’s fiscal policy and could set the stage for Canada’s economic direction in the coming years.

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